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Revealed
India's Third Giant Leap

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Final hour surge
Tue, 16 Jun Closing

Indian equity markets started the day on a negative note and remained well below the dotted line for most part of the day before closing in the green on account of heavy buying activity in the final hour of trade. The BSE-Sensex closed higher by 100 points, while the NSE-Nifty closed higher by 33 points. The BSE Mid Cap and BSE Small Cap inched higher by 0.7% and 0.3% respectively. Gains were largely seen in consumer durables and auto stocks today.

European stock markets fell for a third consecutive day as fears mounted that Greece will default on its debt. Germany's DAX and France's CAC lost 1.4% and 1.3% respectively in the early trade. Asian markets finished the trading session broadly lower with shares in China being the biggest losers. Indian Rupee was trading at 64.15 against the American dollar at the time of writing.

Shares of Wipro were in demand today after it was reported that the company has won a contract from T-Mobile Poland to provide integrated Applications and Infrastructure services. The software major has committed to T-Mobile a significant improvement of its legacy application consolidation & rationalization, transforming its operating model from application-focus to domain-focus leading to better customer service. Over the next five years, Wipro will help T-Mobile systemize and standardize the IT architecture and operations of their Polish entity. A significant portion of the services will be provided from Wipro's Delivery Center in Warsaw as a part of their development strategy for Poland.

Buying activity was witnessed across majority of the banking stocks with Union Bank and Canara Bank being the leading gainers. According to a leading financial daily, Yes Bank has entered into partnership with Western Union Company to boost international remittances into bank accounts. The direct-to-bank service facilitates money transfers to bank accounts in India, through the NEFT as well as IMPS clearing systems. This collaboration will allow consumers in the US, UK, Canada, Australia and many other countries to send money directly to more than 900 million bank accounts in India.

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